Extends the period of time during which certain real property tax exemptions apply.
Ayes (58): Adams, Addabbo, Alesi, Aubertine, Bonacic, Breslin, DeFrancisco, Diaz, Dilan, Duane, Espada, Farley, Flanagan, Foley, Fuschillo, Golden, Griffo, Hannon, Hassell-Thomps, Huntley, Johnson C, Johnson O, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Maziarz, McDonald, Montgomery, Nozzolio, Onorato, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Robach, Saland, Sampson, Savino, Schneiderman, Serrano, Seward, Smith, Squadron, Stachowski, Stavisky, Stewart-Cousins, Thompson, Valesky, Volker, Winner, Young
Nays (1): Padavan
Excused (3): Leibell, Morahan, Skelos
BILL NUMBER: S7454
TITLE OF BILL : An act to amend the real property tax law, in relation to extending the deadline for exemptions for certain private dwellings
PURPOSE : This legislation extends for an additional year the ability to complete construction of a residence where construction was previously commenced to take advantage of the 421-b tax incentive program.
SUMMARY OF PROVISIONS : This bill amends the real property tax law to extend the date for completion of a residence until July 1, 2011 to be subject to the tax benefits under the 421-b program which sunset on July 1, 2009.
JUSTIFICATION : The 421-b tax incentive program currently applies to residences which commenced construction before July 1, 2006 and were completed by July 1, 2008. This program was not extended so its application has ceased with the exception of unfinished units which must obtain a certificate of occupancy by July 1, 2009. This program provides a tax year graduated phase-in of taxes on new home construction or substantial rehabilitation of a one- or two-family home. The crash of the housing market and the difficulty in obtaining construction financing has prevented some builders from completing approved projects which were commenced in compliance with the 421-b program but because of market circumstances are not able to complete the construction under the current time limitation. This bill would simply extend the time to complete construction to qualify for 421-b. This additional timeframe will enable those completed projects to finish.
PRIOR LEGISLATIVE HISTORY : 154 of the laws of 2009 extended the 421-b program until July 1, 2010.
FISCAL IMPLICATIONS TO STATE : None to state, minimal to NYC because it is a continuation of the program.
EFFECTIVE DATE : This Act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 7454 IN SENATE April 12, 2010 ___________Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property tax law, in relation to extending the deadline for exemptions for certain private dwellings THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 2 of section 421-b of the real property tax law, as amended by chapter 154 of the laws of 2009, is amended to read as follows: (a) For purposes of this section: "private dwelling" shall mean an owner occupied building or structure, with the land on which the same is constructed, intended for residential use and occupancy by one or more families living independently of each other with separate cooking facil- ities, which is not a multiple dwelling within the meaning of the multi- ple dwelling law, and the construction, reconstruction or conversion of which (i) is commenced after July first, nineteen hundred seventy-eight and before July first, nineteen hundred eighty-two and is completed no later than April first, nineteen hundred eighty-four; (ii) is commenced on or after July first, nineteen hundred eighty-two and before July first, nineteen hundred eighty-six and is completed no later than July first, nineteen hundred eighty-eight; (iii) is commenced on or after July first, nineteen hundred eighty-six and before July first, nineteen hundred ninety and is completed no later than July first, nineteen hundred ninety-two; (iv) is commenced on or after July first, nineteen hundred ninety and before July first, nineteen hundred ninety-four and is completed no later than July first, nineteen hundred ninety-six; (v) is commenced on or after July first, nineteen hundred ninety-four and before July first, nineteen hundred ninety-eight and is completed no later than July first, two thousand; (vi) is commenced on or after July first, nineteen hundred ninety-eight and before July first, two thousand two and is completed no later than July first, two thousand four; or (vii) is commenced on or after July first, two thousand two and before July first, two thousand six and is completed no later than July first, two thousand
[ten]ELEVEN. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11632-02-0